#MondaysMotivation – DU updates, VA guideline changes, and the NEW URLA! Wow lots of stuff happening with increased loan amounts and various updates in the mortgage industry. There’s one I talk about today that will impact VA loan guidelines that you need to know about.
DU has been updated with a new fancy dancy look. You might notice day 1 certainty items pointed out, and bolded items to the new way the findings read. Fannie did a good job updating the findings report on this round. MAJOR MAJOR MAJOR updates are on the horizon. I have to say that I don’t want to spoil it, so watch the video on the changes. ↓ Needless to say the way you figure LTV on VA loan is changing in 3 weeks.
And of course the NEW URLA. Yes a new 1003, completely redesigned and digital format for borrowers. Lenders can start “testing” this 1003 now, and Lenders can start using this 1003 on July 1st, 2019. Yes less than 6 months away. WOW! So if you haven’t even looked at the new 1003, here’s the link to the forms. —CLICK HERE!
You know I’m all about helping mortgage Broker’s grow their pipeline, let’s do business in 2019! CLICK HERE – I’m partnering with new Mortgage Broker’s all the time.
As Always –
#TwoforTuesday – DU is being updated this coming weekend and we discuss a commonly asked question about Interested Party Contributions. The loan limits have been increased in 2018, are you promoting that? And this weekend DU Updates to programming will install the final programming for FHA loan limits and VA loan limits will be programmed. Great to know. Something like 3000 counties went up this year in loan limit and shouldn’t affect any DU approvals, but if you were waiting for official time to run it, Monday will be it. Second, Interested Party Contributions seems to be a commonly asked question regards to RE Agents or other parties in a transaction giving gifts. Or contributions to the borrower in other words. Well if you are involved in the transaction on the RE side, Fannie Mae doesn’t like it. So builders, this includes you. This includes developers and Real Estate Agents as well.
For example, the borrowers Mother is a RE Agent on the home being sold, and they want to gift a down payment monies to their son. Can’t do it. Just know these rules on Interested Party Contributions as there is a line that can’t be crossed.
Today I’m social selling all day, and will be following up with those that interact with me. I am helping more and more people gain leverage on social media. It’s actually fun to see others thrive as a result. This is not hard and easy to do “organically”. The best part is it helps you gain an edge when you are going to boost ads for a Pillar Partner. I show you exactly how to do this in my training. Click below and get IN the groups and trainings top LO’s have done. ↓
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#TwoforTuesday – Two updates are in the horizon. DU 10.1 is almost here! The programming for DU seems to happen every year about this time, and it will be interesting to see what they do in the next year, year and a half with the GSE’s 7 year exemption coming up. Yep, remember QM was to make all loans at 43% DTI max! And the GSE’s only had a hall pass for 7 years. We are coming close to the end of this window, and will anticipate some announcements on this in the coming future.
#SellWell – Check out the #SponsoroftheWeek, LEAD POPS